From April 1, 2026, senior citizens in India will benefit from filing Form 121, a new simplified tax form that replaces Forms 15G and 15H. This form allows individuals who turn 60 during the financial year to avoid Tax Deducted at Source (TDS) on interest from bank fixed deposits and other specified income, provided their total income is below the taxable limit. Tax experts highlight that residents can claim this benefit even if their 60th birthday falls late in the financial year, treating them as senior citizens for the entire year. Under the new tax regime, senior citizens can enjoy nil tax liability on income up to ₹12 lakh (approximately $14,500 USD), which increases to ₹12.75 lakh (approximately $15,400 USD) if standard deductions apply. Form 121 covers various income types, including interest on securities and rental income, but cannot be used for professional fees. Taxpayers must also disclose their income details from the previous two years when filing this form. Experts recommend filing Form 121 early in April to prevent TDS deductions from the start of the financial year.